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Feb 12, 2013
02/13
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current account deficits. it's come down along way and is no longer what i regard as on a sustainable course. so i feel that we have made, we have made progress in that regard. let me take a quick pass at a completely different question on negative home equity. i'm not going to get into the question of principal reduction, but we have the federal reserve, has been quite concerned about negative equity, about the lingering problem in the housing sector. and i think i'm as i mentioned in my prepared remarks, negative equity and diminished equity makes it harder for homeowners to gain access to credit come is one of the things that's really a head when to the economy and and is also probably continuing the impact of monitor policy. and we put forward a number of suggestions last year any white paper, and have worked with many groups and other parts of the government to try to think about what can be done. i think the changes that have been made to the h.a.r.p. program to make it easier for households to refinance
current account deficits. it's come down along way and is no longer what i regard as on a sustainable course. so i feel that we have made, we have made progress in that regard. let me take a quick pass at a completely different question on negative home equity. i'm not going to get into the question of principal reduction, but we have the federal reserve, has been quite concerned about negative equity, about the lingering problem in the housing sector. and i think i'm as i mentioned in my...
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Mar 21, 2013
03/13
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managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this. you're not using smoke and mirrors. you're using a realistic baseline in order to do the deficit reduction. it's achievable. it's doable. it's credible. and you deal with tax expenditures. one more point about tax expenditures, senator coons, because you're exactly right. we have provisions in the spending programs of this country that invest in energy security, and that's subject to sequestration because it's an appropriation bill, but we have provisions in the tax code that gives special breaks to the oil and gas industry. these are expenditures. these are revenues that we're hemorrhaging. they
managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this....
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Feb 7, 2013
02/13
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as a matter of fact, now the deficit is -- the amount compared to our g.d.p. is cut in half. so we are making some inroads. i want to make sure i agree, i think democrats are not afraid at all to cut the budget where it's necessary. but you need to solve this problem with three types of moves. you got to cut the budget, deal with revenues, and invest in this economy for education, energy, and infrastructure. it's a three-prorng approach. nij who thinks you can only do one of these and magically a $16 trillion debt wirl val in-- will vanish overnight is in another world that doesn't exist on this planet. i appreciate the debate that goes on here but we need to be honest, realistic, practical, in dealing with these budgetary issues and they will be tough. people will not -- i can see them now, my town hall meetings when i go to them. sale say cut the budget which we will do. don't get me wrong. we will do that. but when i go back to that same town hall meeting they'll say i didn't mean that program. that will be the story. but the fact is we have serious issues we have to deal
as a matter of fact, now the deficit is -- the amount compared to our g.d.p. is cut in half. so we are making some inroads. i want to make sure i agree, i think democrats are not afraid at all to cut the budget where it's necessary. but you need to solve this problem with three types of moves. you got to cut the budget, deal with revenues, and invest in this economy for education, energy, and infrastructure. it's a three-prorng approach. nij who thinks you can only do one of these and magically...
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Jul 23, 2013
07/13
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now, some people say well, we have a deficit. we need to go forward with deficit reduction. this will help us to the fortune of $184 billion in a ten-year period, and i say if you want to do deficit reduction, don't take it out on working families, low-income families who are struggling to send their kids to college when one out of four major corporations in this country, many of whom make billions of dollars a year in profit, are paying zero in taxes. you want to do deficit reduction, ask those multinational corporations to start paying their fair share of taxes, not working families who are struggling. mr. president, let us be clear about what this legislation that i expect will be on the floor shortly will do. it provides a variable interest rate, and let's look at what the c.b.o. is telling us about where we may be going with interest rates in the coming years. what the c.b.o. tells us is that in 2013, a ten-year treasury note on which this formula is based is 1.81%. in 2014, it will be 2.57%. 2015, 3.35%. 2016, 4.24%. 2017, 4.9%. those are c.b.o. projections. based on t
now, some people say well, we have a deficit. we need to go forward with deficit reduction. this will help us to the fortune of $184 billion in a ten-year period, and i say if you want to do deficit reduction, don't take it out on working families, low-income families who are struggling to send their kids to college when one out of four major corporations in this country, many of whom make billions of dollars a year in profit, are paying zero in taxes. you want to do deficit reduction, ask...
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Sep 17, 2013
09/13
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reduction, the policy reduced to deficit, and timing of deficit reduction. democratic theory does not say what the federal debt is. nor what the right amount of federal spending and revenues are. a significant reduction in debt from the current percentage of gdp would require substantial changes in tax policy spending policy or both. as an illustration, if lawmakers want to bring debt down to 31% of gdp in 2038 using policies phased in over the next decade they need to enact a combination of increase in cut and revenue that would total $4 billion over the decade. in deciding how quickly to reduce deficit they face difficult trade-off. waiting to cut federal spending or taxes would thread a greater accumulate of debt and increase the size of the policy adjustment needed to achieve any debt target. however, implementing spending cuts or tax increases quickly would weaken the economic expansion and give people little time to plan for and adjust to the policy changes. the negative short term effect of deficit reduction on output and employment would be especiall
reduction, the policy reduced to deficit, and timing of deficit reduction. democratic theory does not say what the federal debt is. nor what the right amount of federal spending and revenues are. a significant reduction in debt from the current percentage of gdp would require substantial changes in tax policy spending policy or both. as an illustration, if lawmakers want to bring debt down to 31% of gdp in 2038 using policies phased in over the next decade they need to enact a combination of...
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Sep 18, 2013
09/13
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the republicans are upset about the deficit. the deficit has been cut in half. i would ask for three additional minutes. the presiding officer: is there objection? so ordered. mrs. boxer: the house has voted 41 times to defund the affordable care act. they took it all the way to the supreme court, the republican attorney generals. they lost. they made it a centerpiece of the 2012 election, and they lost. they lost the presidential election. and now they're willing to shut down the government unless they get their way. so i would conclude by asking some rhetorical questions here. why are the republicans so obsessed with kicking young people off their parents' insurance? why are the republicans so obsessed with stopping preventive care, like checkups and birth control and immunizations? why are republicans so obsessed with repealing benefits that guarantee insurance coverage for children and adults with preexisting conditions? and why are they so obsessed with stopping 13 million people from getting insurance who never had the chance before? and why are they is h
the republicans are upset about the deficit. the deficit has been cut in half. i would ask for three additional minutes. the presiding officer: is there objection? so ordered. mrs. boxer: the house has voted 41 times to defund the affordable care act. they took it all the way to the supreme court, the republican attorney generals. they lost. they made it a centerpiece of the 2012 election, and they lost. they lost the presidential election. and now they're willing to shut down the government...
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Sep 26, 2013
09/13
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the federal deficit would soar. the united states has a special responsibility to itself and to the world to meet its obligations." end quote. that was a pretty stern warning. while spoken more than a quarter century ago, president reagan's words sadly ring true today. i hope my colleagues listen to those words of reason. i hope my colleagues in the house of representatives heed the warning from president reagan about using the debt ceiling for brinkmanship. as we know, the federal government hits this debt limit on may 19. for the past 130 days, the treasury secretary have been using what are known as extraordinary measures to continue funding the government. we're running, therefore, on borrowed time. but those extraordinary measures will be used up by october 17. at that point, we will have exhausted every measure. default, that is the u.s. not paying its debts, will occur unless congress acts to raise the debt limit. now, there will be much debate in the coming days on how to deal with the debt limit. the house
the federal deficit would soar. the united states has a special responsibility to itself and to the world to meet its obligations." end quote. that was a pretty stern warning. while spoken more than a quarter century ago, president reagan's words sadly ring true today. i hope my colleagues listen to those words of reason. i hope my colleagues in the house of representatives heed the warning from president reagan about using the debt ceiling for brinkmanship. as we know, the federal...
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Jun 18, 2013
06/13
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we see the deficit score reduced, revenue is expected to double over the next decade. i don't think it's productive to focus on where we disagree, but there are so many good simplification policies we agree on. one of the things 80% of americans agree with is the code is too complicated. the average person should for their own taxes. small businesses, 90% have two higher preparers because they will get audited, especially now. so i think we want to look at those issues and clearly at some point we will have to address that, but i think it is better to look at that and the context of what are the policies you're getting as opposed to opening night. and this is something that is as you mention, since in bowles has looked at, the super committee which we both served in both of those commission families had 20 areas. the first. i had as chairman was on tax reform. we've both been working on this for a lot of years. i would say we've got a lot of years for the economy hasn't looked back as strongly as it should. i do think we have a lot of time to wait. when you look at a q
we see the deficit score reduced, revenue is expected to double over the next decade. i don't think it's productive to focus on where we disagree, but there are so many good simplification policies we agree on. one of the things 80% of americans agree with is the code is too complicated. the average person should for their own taxes. small businesses, 90% have two higher preparers because they will get audited, especially now. so i think we want to look at those issues and clearly at some point...
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Jan 16, 2013
01/13
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the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in spending. we've cut medicare as part of the political their act. we have to be really careful and just solving these problems by cutting spending. .. >> we do it in a way that supports families and the population that we have. >> let me just add to that. i agree with you, but unfortunately, most of the people on social security will be on fixed budgets. and so there's still a danger having out-of-pocket costs run away unless we do something about the costs of health care and the health care system, as an example. so although we agree, there's still -
the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in...
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Mar 18, 2013
03/13
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and with the rest of the money, we lower the deficit. with the rest of the money, we invest in solar rooftops arcs little -- rooftops, a little bit in transportation. it's the way to go. it's the way to go. now some say wait. some say wait. we can't wait. we wasted eight long years when george w. bush was president. you know why, mr. president? he said that carbon pollution wasn't covered in the clean air act. well, all you had to do was read the clean air act. i'm not an attorney, but it's right there. right there. it says in essence, here are the following pollutants that are covered, and it listed greenhouse gas emissions. but, oh no, we had to take it all the way -- he took it all the way to the supreme court and wasted eight long years while the problem gets worse and worse. so here's the deal. here's a quote. "washington school of public health. university of washington. dr. howard frumkin says in public health when faced with threats to entire populations, we act. for infectious diseases we vaccinate. if 98% of the doctors and sci
and with the rest of the money, we lower the deficit. with the rest of the money, we invest in solar rooftops arcs little -- rooftops, a little bit in transportation. it's the way to go. it's the way to go. now some say wait. some say wait. we can't wait. we wasted eight long years when george w. bush was president. you know why, mr. president? he said that carbon pollution wasn't covered in the clean air act. well, all you had to do was read the clean air act. i'm not an attorney, but it's...